Canadian Dollar drops on softened business sentiment

During Monday's trading session, the Canadian Dollar depreciated around 0.61% or 81 pips against the US Dollar.  

The drop was driven by the release of Business Outlook Survey published by the Bank of Canada. The Business Outlook Survey Indicator declined to -0.6% in the first quarter of 2019 from 2.2%, suggesting a softening in business sentiment. 

According to the Bank of Canada, business sentiment softened due to global trade headwinds and geopolitical tensions. Some firms referred to the US political uncertainty, as well the US-China trade wars.